Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 1133 - ITAT PANAJIAddition of entire cash deposits as unexplained investment. - Held that:- We noted that there are cash withdrawals to the extent of ₹ 1,35,000/- on 2.4.2008 and 29.3.2008. Therefore, to that extent we allow relief to the Assessee. The balance withdrawal and the salary relate to the earlier years. No evidence was placed before us that salary received by the Assessee was not consumed during those years and the Assessee was having the cash in hand. Therefore, we cannot accept the explanation of the Assessee as the explanation given by the Assessee is not plausible one. We also noted that the Assessee has claimed a sum of ₹ 50,000/- being the source of cash deposited received by him as interest from M/s. Shree Genji Electricals but not such evidence was brought to our knowledge. In view of provisions of Sec. 269SS and 269T M/s. Shree Genji Electricals cannot make cash payment to the Assessee. We, therefore, allow relief to the Assessee of ₹ 1,35,000/- out of the addition sustained by CIT(A) of ₹ 19,57,370/-. - Decided partly in favour of assessee Unexplained cash credit - addition made by the AO on the basis of the statement recorded u/s 131 - Held that:- As noted that there was opening balance of ₹ 32,254/- also in the account of M/s. Shree Genji Electricals. Thus, the total credit as on 31.3.2009 in the books of M/s. Shree Genji Electricals’ in the account of the Assessee was only ₹ 21,66,331/-. There is no evidence except the statement recorded u/s 131 that the Assessee has deposited sum of ₹ 25 lacs with M/s. Shree Genji Electricals. In fact, we noted that the Assessee has deposited only a sum of ₹ 19,10,000/- which is also reconciled from the bank account of the Assessee. There is no corroborative evidence to hold that the Assessee has deposited more than ₹ 19,10,000/- with M/s. Shree Genji Electricals. We accordingly delete the addition of ₹ 5,90,000/-. - Decided in favour of assessee
|